UNOV vs. DFND

Last updated Jul 15, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - UNOV is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. Both are passively managed. At a 0.44 correlation, their price movements are largely independent. UNOV charges 0.79%/yr vs 1.50%/yr for DFND.

Performance

UNOV vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UNOV

• 1D: 0.21%
• 1M: 1.29%
• 6M: 5.18%
• YTD: 6.15%
• 1Y: 11.39%
• 3Y*: 9.27%
• 5Y*: 6.74%
• 10Y*: —

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UNOV vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	6.15%	9.92%	9.42%	14.18%	-6.23%	4.45%	8.31%	1.87%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	14.80%	16.12%	3.03%

Correlation

The correlation between UNOV and DFND is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.44

Over the past year, the correlation between UNOV and DFND has dropped to 0.07 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

UNOV vs. DFND - Sectors Allocation Comparison

Sectors	UNOV	DFND
Technology	38.4%	24.8%
Financial Services	11.0%	18.2%
Communication Services	10.8%	0.8%
Consumer Cyclical	10.0%	3.5%
Healthcare	8.4%	10.7%
Industrials	7.9%	17.1%
Consumer Defensive	4.6%	4.2%
Energy	3.2%	1.7%
Utilities	2.1%	-
Real Estate	1.8%	2.0%
Basic Materials	1.7%	4.3%

Return for Risk

UNOV vs. DFND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UNOV

UNOV Risk / Return Rank: 77
UNOV Sharpe Ratio Rank: 78
UNOV Sortino Ratio Rank: 80
UNOV Omega Ratio Rank: 84
UNOV Calmar Ratio Rank: 64
UNOV Martin Ratio Rank: 80

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UNOV vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) and Siren DIVCON Dividend Defender ETF (DFND). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UNOV	DFND	Difference
Sharpe ratio: Return per unit of total volatility	1.98	—	—
Sortino ratio: Return per unit of downside risk	2.84	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.53	—	—
Martin ratio: Return relative to average drawdown	12.01	—	—

Drawdowns

Drawdown Indicators

	UNOV	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	—	—
Current Drawdown Current decline from peak	-0.10%	—	—
Average Drawdown Average peak-to-trough decline	-1.64%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	—	—

Volatility

Volatility by Period

	UNOV	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	—	—

UNOV vs. DFND - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

UNOV vs. DFND - Dividend Comparison

Neither UNOV nor DFND has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNOV and DFND in my portfolio?

UNOV and DFND have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UNOV or DFND?

On fees, UNOV is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UNOV or DFND?

UNOV is cheaper with a 0.79% expense ratio, compared with 1.50% for DFND.

Which ETF pays a higher dividend yield, UNOV or DFND?

DFND has the higher dividend yield at 0.29%, compared with 0.00% for UNOV.

What is the main difference between UNOV and DFND?

UNOV is categorized as Defined Outcome, while DFND is Large Cap Blend Equities. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: Innovator and SRN Advisors. Their fees differ too: 0.79% for UNOV and 1.50% for DFND.